Fund ushered in a period of high purchase restrictions!These "window funds" managers are worthy of attention ...

China Fund News

Since August, Feng Mingyuan, Qiu Dongrong, Liu Changchang and many other star fund managers of the star fund managers, including the recent strong performance of gender, have issued an announcement that it has suspended large subscriptions, and some funds have not even exceeded 100 yuan.

According to Wind data, a total of 691 (A/C shares separate statistics) of the fund issued a suspension announcement announcement in August, except for the impact of factors such as overseas holidays and typhoon exchanges. A total of 377 funds for redemption/suspension of large redemption land, including 28 partial stock hybrid funds, 45 flexible configuration funds, and 6 ordinary stock funds. 80.

In a blink of an eye, the "excellent foundation" has become a "window fund", and the fund manager's move has once again attracted many investors' attention. In this regard, people engaged in the land industry in the fund industry stated that the adjustment of fund product purchase restrictions is the fund manager expressed that he has a demand for scale control and guides investors to operate a kind of operation. Fund managers have opened a large amount of purchase restrictions, mostly to maintain the smooth operation of the fund's stable operation. , Protect the interests of holders.

In addition to the above -mentioned several star fund managers, there are also a number of market -based fund managers of the local fund managers of the market also issued a purchase restriction announcement. In this issue, Fund Jun chose three of them, namely Guangfa Fund Lin Yingrui, Dacheng Fund Han Chuang, and Castrol Fund Liu Bin. By analyzing their respective investment styles and frameworks, they help everyone understand the investment concepts behind these outstanding investors.

Guangfa Fund: Lin Yingrui

During August, Lin Yingrui issued a notice of purchase restrictions in the Tube Fund, with an average purchase limit of 100,000. At present, the largest land among these three funds is 7.188 billion yuan in value of Guangfa.

Judging from the situation in the second quarter, the management routes of these three funds are actually relatively consistent. Among the top ten heavy positions, Lin Yingrui's position in the position of the position of the position was highly concentrated, and he still bet on the aviation and bank sector. Compared with the unique changes in individual stocks in the first quarter, there were only individual adjustments. Except for Jixiang Airlines for new advances, the remaining eight stocks have received warehouses to varying degrees, and large increases include Nanjing Bank and China Eastern Airlines.

As a firm value -based fund manager, Lin Yingrui has always used "looking for value return in the low -valuation industry" as his investment criterion.

On the one hand, the low -valuation strategy means that Lin Yingrui has a more obvious industry choice, but on the other hand, it also shows that he is not restricted to the inherent land industry: in early 2021, with the reputation of cycles such as coal and nonsense; 2021 2021 In the second quarter of the year, the market broke out, but Lin Yingrui resolutely turned to the aviation and bank sector, and was more "thorough". Even if the growth section was rising rapidly in the second quarter of this year, Lin Yingrui was still stationed in the aviation and banking sector.

Not afraid of unpopular, and not easily chasing hot spots. It is through investment opportunities in "cognitive differences" that Lin Yingrui seizes that there is no mainstream traditional industry investment opportunity in the market. In Lin Yingrui's view, the currently at the bottom may usher in the reversal industry with natural two advantages: First, it has a high margin of high ground safety and at the same time with high land odds.

In the first quarter report this year, Lin Yingrui mentioned that a colleague said very much: "An excellent fund manager will definitely fight against the entire market at a time." This sentence is reflected at a time.

Taking its representative products as an example, Lin Yingrui's overall position in the second quarter has not been adjusted, and the heavy position industry is still concentrated in the aviation and banking sector. Facing the collective growth of the collective recovery in the second quarter, Lin Yingrui once bluntly said that "not understanding and shocking."

In fact, in recent years, Lin Yingrui can be seen in the configuration of the product land industry in the management of the product land. Lin Yingrui's industry concentration has gradually increased.

Compared with the retracement of data in the past year, in terms of dynamic retracement control, Lin Yingrui has shown more stable retracement control capabilities compared to similar funds in Shanghai and Shenzhen 300.

Risk control has a way, Lin Yingrui always adheres to the principle of two stock selection. First, based on the middle view, looking for a rebounding trend industry in the downward cycle, Lin Yingrui summarized it as "after the reaction of the air, the risk of the decline can be controlled"; Find in these industries that can still win the land. Lin Yingrui said that he is more inclined to pay attention to those who are temporarily unavailable for the time being, but they are about to usher in the bottom label of the background. "We will not change the confidence to some ideas and practices because of the place in the last quarter."

In the recent disclosure of the Ground Bonus Daily, Lin Yingrui also reiterated to investors again that the matching of the portfolio and the liability side of the portfolio has always been the target of the combination of the combination. High -frequency vocabulary.

"Investment methods should be matched with their own personality as much as possible, assets and liabilities should be matched as much as possible, the expected yield must be matched with the can be affordable, etc. The ground road, whether it is sociology or finance. In the end, we want to ask investors to review their risk characteristics again, pay attention to whether the land gain rate and the land fluctuations are really matched. "

Dacheng Fund: Han Chuang

In early August, Dacheng Fund issued an announcement saying that in order to safeguard the interests of the fund share holder and ensure the steady operation of the fund, the company's three fund products have issued a suspension of large -scale purchase (including regular quota purchases) and fund conversion transfer to business ground announcement announcement Essence These three products are at the helm of Han Chuang, the manager of Dacheng Fund. Former researcher at the China Merchants Securities Research Department, joined the Dacheng Fund in June 2015. He has served as researcher and assistant fund manager. Han Chuang served as the official fund manager since January 2019. In 2021, with the "cycle+growth" wind control, Han Chuang successfully made a circle with excellent performance last year, and was once praised by the market as "dark horse fund manager".

At the beginning of the trip, Han Chuang mainly attacked the industry research in the direction of building materials, and many years of research and accumulation to help the local Hanchuang have both the buyer and the seller's thinking in the investment. Fortunately, the research experience of the relevant industries of the cycle, Han Chuang has high sensitivity to the cycle+growth bidding land, tending to the left layout.

"My stock selection requires three dimensions: first, industry Beta. Second, relatively good companies. Third, the valuation is reasonable." Specifically, the investment framework of Hanchuang First of all, he will screen the high prosperity industry, and then screen the company based on the company's geographical management, profitability, and competitive advantages. Finally, it will be comprehensively judged in combination with the company's valuation.

If you do n’t hold a group, do n’t follow the trend, it is a distinctive style of Han Chuang. From the perspective of specific industries, Han Chuang once said that finance, real estate, non -ferrous, chemical industry and other industries are relatively good at itself, and chips and innovative drugs such as their own are not good at the area, and they will not become part of their capabilities in the short term. "The better the capacity circle, the better, whether you can seize the opportunity in the ability circle, you can value it yourself."

Since the beginning of this year, with the ups and downs of the market, the popular industries have gone through several waves of rotation. Investment practice has proved that following the market hotspots, it often only falls into the investment strange circle. In the semi -annual report, Han Chuang also expressed his views on this phenomenon. Han Chuang believes that the market will always be fell into or like that, and there are always countless optimistic sounds discussing these fanaticism. "As a rational investor, we cannot be wrapped in market emotions, nor can we think that we can always be pulled back before the bubble. Only with such a thin attitude, we can do a good job of recognizing and avoiding it. Give full play to the power of compound interest. "

In the second quarter, Han Chuang still maintained a position in a higher place in equity. Han Chuang once said: "I generally do not make adjustments in the position, and basically maintain the high position operation. I think unless it is predictable to have a big bear market, it should not be adjusted by position adjustment. ","

The logic of Hanchuang's warehouse is mainly based on the control of individual stock positions, so its heavy warehouse industry will change greatly in the quarter. In the second quarter, Hanchuang, additional ingredients, real estate sectors, prefers basic chemical, non -ferrous metals, and automobile industries. The configuration is relatively balanced.

When it has always maintained a balanced allocation and decentralized stocks, in the second quarter in the Shanghai and Shenzhen 300 retreat, Han Chuang still maintained a relatively stable retracement level, reflecting the strong risk resistance ability. In the second quarter, Han Chuang's largest dynamic retracement was -21.01%, which was far lower than the largest dynamic retracement of the Shanghai and Shenzhen 300-34.31%.

"From a combination of offensive and defensive combinations, the focus is on two aspects, that is, to avoid risks and seize opportunities." Speaking of future investment portfolio construction, Han Chuang said. In the past, Han has always followed the three dimensions of investment in the three dimensions of "selection of the industry Beta, selected companies, and reasonable valuations" to actively lay out the cycle growth type.

As far as risk avoidance is concerned, Han Chuang believes that this is the most important place in investment. "Because the power of compound profits is huge, and the annualized yield rate is different. So we must try my best to avoid losses. "

The second is to seize the opportunity as much as possible. Looking back at the first half of this year, Han Chuang believes that in general, structural opportunities are still no shortage of land. On the one hand, the systemic reorganization of energy plates such as coal and other energy sectors, and on the other hand, many valuable growth stocks also perform well. In the future, if you can grasp it in some key nodes, you can do better, and there will be room for continuing to improve the space.

Looking forward to the second half of the year, Han Chuang said that the domestic real estate industry is expected to curb. At the same time, he pointed out that if this judgment is confirmed, the investment logic of many sectors will change. In addition to some industries related to macro, they are still optimistic about high -quality growth stocks of performance and valuation matching places. "They are scattered in different industries and need to be carefully excavated."

Harvest Fund: Liu Bin

As the first batch of domestic public offering funds in China, Liu Bin has already owned 16 years of securities practitioners and has been a fund manager for nearly 13 years. Liu Bin is a doctorate in signal and information processing. After graduation, he engaged in quantitatively related to it. In December 2013, he officially joined the Castrol Fund and mainly engaged in quantitative stocks, index enhancement, and hedging absolute income. Fund Director General Managing Director of Investment.

Compared with the traditional quantitative investment, Liu Bin has two characteristics: one is that he advocates the in -depth combination of quantitativeization with fundamental investment places; the other is that Liu Bin has a relatively clear return target in the management of products. The index is enhanced, that is, the relative income from the reference for a certain performance, and the other is hedging absolute returns.

Taking Liu Bindi on behalf of the product as an example, in the past three years, the dynamic retracement has been superior to the average level of Shanghai and Shenzhen 300 and similar funds in most of the time. The level of performance in long -term and short -term mainland performances is also at the forefront, which is more in line with Liu Bin's revenue target for its local index to enhance its land index.

In Liu Bin's view, although quantitative investment is facing many limitations in China's non -effective market, the effectiveness of domestic quantitative investment system will be significantly improved by effectively combining with fundamental logic. Through repeated learning and trials, the quantitative team of the Gast China Galtic Gelah, represented by Liu Bin, constructed a set of systematic investment framework driven by fundamentals. The framework system mainly includes risk models, quantitative factor models, and prosperity industry configuration , Systematic Active Investment and other levels.

Among them, on the perspective of the "configuration of the prosperity industry", Liu Bin's local quantitative team provides major support for the research of the industry's fundamentals. They mainly rely on industry researchers to score the ground view of the three -level industry in the middle view of the land, rather than quantitative methods such as rotating or trend tracking models of commonly used land industries in traditional quantitativeization.

At the same time as the increasing attention of Liu Bin's quantitative characteristics, at the same time, the investment concept of Liu Bindi is also getting closer to the value investment concept. In terms of stock selection, Liu Bin mainly analyzes the four dimensions of macro, policy, fundamentals, and capital. Liu Bin said that low correlation is the best free lunch, so he pays special attention to the "correlation" indicators when choosing, and strives to build a low -related investment portfolio in large -scale asset allocation and stock selection.

Based on fundamental big data, transaction behavior big data, industrial chain big data, and Internet big data, Liu Bin combined with the Castrol Fund researcher based on field research, case research, and telephone interviews. Data, on this basis, build a variety of investment strategies. Build a comprehensive assessment system for individual stocks with massive and multi -dimensional data, and use intelligent methods to optimize the weight of strategic weights. In the end, listed companies with significant investment value to build stock investment portfolios.

Taking Liu Bindi on behalf of the product as an example, in the second quarter, the top ten heavy warehouses in the fund still had rare geopida stocks in the market, maintaining a low concentration of 15.74%, while the top ten retention also fell to zero again.

Its equity positions were significantly reduced, and it fell 16 points to 73.66%from 89.74%in the first quarter. Liu Bin said that it was mainly to reduce the space fluctuations and retracement space to further control the risk. But in terms of the configuration industry, it still maintains highly dispersed. Liu Bin aims to obtain excess revenue in relative benchmarks by continuously choosing superior stocks in different styles and industries.

In the second quarter, Liu Bindi represented the product still played with a relatively stable manner, with a phased increase of 8.75%, and the performance benchmark and similar average. However, according to Wind data, in the second quarter, Liu Bindi represented only 70 million net redemptions, and the redemption ratio was close to 20 %. Perhaps this was not related to the large retreat of the product land in April.

However, the shareholding share of the product of this product is still slightly increased compared to the end of 2021. As of the end of the second quarter of 2022, institutional investors accounted for 79.18%.

In previous interviews, Liu Bin pointed out that under this year's stagnant lattice pattern, the value factor or style performance is relatively better. Therefore, which styles are stable and have strongly acquired excess revenue capabilities, fund products will stand out. At the time of the current ground, Liu Bin is still firmly optimistic that the small and medium -sized market value style will be excessive in the next two to three years. He said that it can better adapt to the future environment with the China Stock Exchange 500 as the benchmark.

Risk reminder: The fund has risks, and investment needs to be cautious. Fund's past performance does not indicate its future performance. Fund research and analysis do not constitute investment consulting or consulting services, nor does it constitute any substantial investment suggestions or commitments to readers or investors. Please read the "Fund Contract", "Recruitment Manual" and related announcements carefully.

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